Groundwork laid for massive Asian regional trade agreement

Groundwork laid for massive Asian regional trade agreement

Media release

1 September 2012

Australia has joined 15 countries of the Asian region at a meeting in Siem Reap, Cambodia, to lay the foundations for a large regional free trade agreement.

Trade and Competitiveness Minister Craig Emerson joined his counterparts from the 10 ASEAN countries, along with China, Japan, India, Korea and New Zealand, in taking the first step towards establishing a new regional free trade area – the Regional Comprehensive Economic Partnership.

Dr Emerson said Asia's emerging middle classes would grow to more than three billion people by 2030, and that participating countries already had a combined GDP of about US$20trillion.

"This agreement would be the perfect vehicle for advancing Australia's interests in the Asian Century," Dr Emerson said.

"The successful launch of negotiations by Leaders in Cambodia in November this year will constitute the early delivery of work being conducted for the Gillard Government's White Paper on Australia in the Asian Century."